in millions of €


2021 retired 5

Change 2022/2021





Variation at constant exchange rates


Change at constant exchange rates and perimeter 1


Current operating income, before amortization of acquisition assets 2




as a % of turnover
as a % of revenue at constant exchange rates



Amortization of intangible assets resulting from acquisitions



current operating income




Non-recurring charges and income



Operating result




Consolidated net income




Of which net income – group share



Equity – Group share




Net financial surplus 3




Operating cash flow before interest and taxes 4




1 The change at constant exchange rates and perimeter corresponds to the organic growth in sales, excluding exchange rate variations, by calculating the indicator for the year in question and the indicator for the previous year on the basis of identical exchange rates (the exchange rate used is that of the previous year), and excluding changes in scope, by calculating the indicator for the year in question on the basis of the consolidation scope of the previous year.

2 Current operating income, before amortization of assets resulting from acquisitions, corresponds to current income corrected for the impact of allocations to amortization of intangible assets resulting from acquisition operations.
3 The net financial surplus corresponds to current (€53.6 million) and non-current (€64.4 million) financial debts as well as a rental obligation related to the application of IFRS 16 (€38.2 million ), less cash and cash equivalents (€175.8 million) as published in the statement of financial position.
4 Operating cash flow corresponds to operating income (€115.5 million) restated for items with no impact on cash and impacts related to transfers. The following items are restated: depreciation and impairment of assets (€21.7m), provisions for risks and charges (-€0.3m), provisions related to employee benefits (€0.9m) , and other expenses and income with no impact on cash (€0.4 million) and impacts related to transfers (€0.1 million).
5 As a reminder, in March 2021, IFRS IC issued a final decision on accounting for the costs of configuring and customizing software used under a SaaS contract. As of June 30, 2021, the impacts were being analyzed and the decision had not yet been applied when the half-year financial statements were drawn up. Comparative information has therefore been restated in the consolidated financial statements as of June 30, 2022.

The financial statements were audited by the statutory auditors and examined by the board of directors on September 13, 2022. The statutory auditors’ report is in the process of being issued. The declarations and the detailed presentation of the half-year results are available on the corporate website

Thanks to Virbac constant dedication of the teams to animal health, we achieved in the first half a turnover of 616.4 million euros, up +16.4% compared to 2021. Excluding the favorable impact of exchange rates, revenue grew by +12.0%. This growth benefited in part from a favorable base effect representing one point of revenue growth, attributable to new products acquired from the second quarter of 2021.

All areas are growing organically at the end of June. It should be noted, however, that double-digit growth in Europe stalled in the last quarter, due to the market slowdown anticipated in our annual outlook. Thus, turnover in this zone increased by +6.8% at real rates (+6.2% at constant rates), thanks mainly to the contribution of the United Kingdom, France and Italy. The region is driven by the strong dynamism of the ranges for companion animals (particularly petfood, specialties and vaccines), which offset the drop in the ranges for production animals. In Asia-Pacific, growth at real rates was +19.8% (+15% at constant exchange rates). Australia and India are driving growth in the region, generating more than 85% of this growth, particularly in cattle products, which largely offsets the decline in China, which was strongly impacted by the lockdowns at the start of the year and which, despite a rebound since May, remained down at the end of June. In Latin America, business grew by +25.1% at actual rates (+14.6% at constant exchange rates), thanks in particular to the contributions of Brazil and Mexico. Finally, in the United States, business grew by +32.2% (+19.9% ​​at constant exchange rates). It benefited from strong sales of new products launched in 2021 (Clomicalm and Itrafungol) and those launched in early 2022 (petfood, and Tulissin for the food producing animal segment), as well as good performance in the dental and dermatology range.

Current operating profit before depreciation of assetss from acquisitions amounted to €117.4 million, up significantly compared to the first half of 2021 (€104.4 million). This improvement is mainly due to the strong growth of our turnover, driven by good performances in all areas, despite the slowdown in market dynamics observed since the beginning of the year. This was partially offset by a deterioration of the margin in relative terms, due to the impacts of inflation on raw material costs and operational expenses such as transport and energy. We are also seeing a rebound in professional expenses (travel expenses, seminars, etc.), post-Covid-19, as well as an increase in our R&D expenses due to our desire to increase our expenses in this area. It should also be noted that the half-year result at the end of June 2022 benefited from the recognition of income of €3 million, the last tranche of compensation for the continuation of R&D projects acquired from Elanco in 2021. operating profit before amortization of assets from acquisitions in the 1st half of 2021 benefited from the recognition of non-recurring items for an amount of €6.6 million (€4 million in remuneration for the continuation of Elanco’s R&D projects, €1 million in additional margin on Clomicalm products and Itrafungol, which benefited from a nil cost of sales as part of the acquisition, and €1.6 million from a reversal of a provision for litigation). After restating for the positive impact of these items over both periods, the “current operating income before amortization of acquisition assets” to “revenue” ratio at the end of June 2022 is 18.6%, up slightly. compared to the same period of 2021 (18.5%).

Consolidated net income amounted to 77.6 million euros, up 5.2% compared to the first half of 2021. This improvement in our net income is explained by the reasons mentioned above, in particular the growth of our activity and the good control of our operating expenses, which remain contained as part of our turnover, despite the inflationary pressure observed in the first half of 2022. It should be noted that our financial result corresponds to an expense of €8.1 million, up sharply compared to the first half of 2021 (expense of 1.6 million). This is explained by lower foreign exchange income (unrealized loss), due to the depreciation of the Chilean peso against the euro and the US dollar in the first half of 2022 compared to the same period in 2021. is only partially offset by the decrease in the cost of net debt of 2.5 million euros, resulting from the reduction in interest on interest rate hedges maturing in the second half of 2021 and in January 2022.

Net income – Ggroup sharing amounted to €77.5 million, an increase of 7.7% compared to the first half of the previous year (€72 million), driven by operating performance, the items shared below above, and the decrease in the share of minority interests as of June 30, 2022, following the acquisition of 100% of Centrovet in the second half of 2021.

Financial side, our net financial surplus amounted to €19.6 million at the end of June 2022, compared to €73.8 million at the end of December 2021. This deterioration over the first six months of the year is mainly due to the cyclical nature of our generation cash flow model, with higher cash generation in the second half. This situation was exacerbated over the period by a higher working capital requirement in the first half of 2022, due to the strong growth in our turnover, a reduction in the amount of factored receivables, higher investments , and finally the increase in dividends paid in respect of results for 2021.
It should be noted that on September 12, 2022, Virbac unanimously obtained from its banks a one-year extension of the maturity of its syndicated financing contract of 200 million euros, now set for October 2027.

Revenue growth at constant scope and exchange rates is still expected in the 5% to 10% range and will be refined when third quarter revenue is released. The “current operating income before amortization of acquisition-related assets” to “revenue” ratio should consolidate at 15% at constant exchange rates, despite the effects of inflation. Finally, our debt reduction should be approximately 30 million euros excluding dividends, at constant scope and exchange rates. The increase in our working capital requirement due to the growth of our activity, inflation and management decisions (safety stock for example) has led us to revise our debt reduction forecasts for 2022 downwards.


We will hold a virtual analyst meeting on Friday, September 16, 2022 at 2:30 p.m. (Paris time – IT IS).

Information for attendees:

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A lifelong commitment to animal health
At Virbac, we offer innovative solutions to veterinarians, breeders and animal owners in more than 100 countries around the world. Covering more than 50 species, our range of products and services enables us to diagnose, prevent and treat the majority of pathologies. Every day, we are committed to improving the quality of life of animals and to shaping the future of animal health together.

Virbac: Euronext Paris – Compartment A – ISIN code: FR0000031577 / MNEMO: VIRP
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